TIDMPXEN
RNS Number : 0865B
Prospex Energy PLC
09 February 2022
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
9 February 2022
Prospex Energy PLC
('Prospex' or the 'Company')
Closing of the Broker Option
Prospex Energy PLC, the AIM quoted investment company focused on
European gas and power projects, provides an update on the Broker
Option offered to all the Company's existing shareholders following
the Company's announcement on Monday 7 February 2022.
After closing the Broker Option at 16:30 on Tuesday 8 February
2022, the Company is pleased to report that the Broker Option
raised GBP59,800 through the conditional issue of 1,708,571 new
Ordinary Shares thereby taking the total proceeds conditionally
raised by the Company from the Placing, Subscription and the Broker
Option, in aggregate, to GBP2.455 million.
Assuming all the Resolutions are approved at the General
Meeting, a total of 70,137,143 new Ordinary Shares will be issued
pursuant to the Placing, Subscription and the Broker Option. The
Broker Option Shares will be admitted to trading at the same time
as the Placing Shares and the Subscription Shares, subject to the
approval of the Resolutions at the General Meeting at 10:00 on 23
February 2022.
As per the Circular, the Company reminds Shareholders that the
deadline date by which proxy forms for voting at the General
Meeting on 23 February 2022 must be received by Neville Registrars
is 10:00am on 21 February 2022.
Capitalised terms in this announcement are as defined in the
Company's circular to shareholders dated 7 February 2022.
Mark Routh, Prospex's CEO, commented:
"We are very pleased to have closed this Placing, Subscription
and Broker Option with an extra 2.5 per cent. of the original
placing being raised via the Broker Option bringing us to a total
of GBP2.455 million. Thank you to all our existing and new
shareholders for your support."
We look forward to growing the Company in the coming months
starting with the acquisition of the 20% of the Selva Field in
Italy."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
* * ENDS * *
For further information visit www.prospex.energy or contact the
following:
Mark Routh Prospex Energy PLC Tel: +44 (0) 20 7236
1177
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
Colin Rowbury Novum Securities Limited Tel: +44 (0) 20 7399
Jon Belliss 9427
Duncan Vasey Peterhouse Capital Tel: +44 (0) 20 7220
Lucy Williams Limited 9797
Susie Geliher St Brides Partners Tel: +44 (0) 20 7236
Ana Ribeiro Ltd 1177
Notes
Prospex Energy PLC is an AIM quoted investment company focussed
on high impact onshore and shallow offshore European opportunities
with short timelines to production. The Company's strategy is to
acquire undervalued projects with multiple, tangible value trigger
points that can be realised within 12 months of acquisition and
then applying low-cost re-evaluation techniques to identify and
de-risk prospects. The Company's strategy is to rapidly scale up
gas production in the short term to generate internal revenues that
can then be deployed to develop the asset base and increase
production further.
About Selva:
The Podere Gallina Licence is in the Po Valley region of Italy.
The licence contains the currently shut--in Selva gas-field as well
as exciting exploration opportunities. The Podere Maiar-1 well was
completed in December 2017 and successfully found a commercial gas
accumulation up-dip of the previous wells on the Selva field. The
well is suspended and is awaiting permissions to connect it to the
local gas grid for gas export. The Company currently has as 17%
working interest in the Podere Gallina licence. The Company
announced on 10 August 2021 the conditional acquisition of a
further 20% of the Podere Gallina licence from UOG. Subject to
securing funding Prospex is set to increase its working interest to
37% in Q2 2022.
Subject to the award of the Production Concession by the Italian
authorities, expected in March 2022, first gas is targeted for Q1
2023.
The Podere Gallina Licence holds independently verified 2P gross
reserves of 13.4 Bcf (5.0 Bcf net to Prospex at 37% WI), gross
Contingent 2C Resources of 14.1 Bcf (5.2 Bcf net) and a further
91.5 Bcf of gross Best Estimate Prospective Resources (33.9 Bcf
net).
( Source : CGG Services (UK) Limited Competent Persons Report -
January 2019 https://bit.ly/3nZNfYf ).
About El Romeral and Tarba
The El Romeral gas and power project in Spain, with gas
production wells supplying gas to an 8.1MW power plant near Carmona
in Southern Spain is owned and operated by Tarba. Prospex owns a
49.9% working interest in the El Romeral project via Tarba. Tarba
sells electricity generated from the plant on the spot market in
Spain. Current spot market prices have reached all-time highs in
recent months.
Prospex also owns a 15% working interest in the large scale
Tesorillo gas project in southern Spain, which has the potential to
hold gross un-risked Prospective Resources of 831 Bcf of gas (Best
Estimate), with upside in excess of 2 Tcf.
The Tesorillo permit is temporarily suspended, awaiting Ministry
resolution and reinstatement as production licence. The Tesorillo
permit contains the Almarchal-1 gas discovery well (drilled in
1957) which logged 212m of net gas pay. Multiple drill stem tests
flowed gas to surface.
Operated by Tarba (85% Warrego Energy (ASX:WGO) and 15%
Prospex). Prospex has an option to increase to 49.9% for
EUR1,725,000 ahead of drilling a well.
The updated Corporate Presentation for Q1-2022 is available on
the Company's website at https://bit.ly/3oyc91j .
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END
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